Charles Schwab Investment Management Inc. Boosts Stock Position in Alta Equipment Group Inc. (NYSE:ALTG)

Charles Schwab Investment Management Inc. grew its stake in Alta Equipment Group Inc. (NYSE:ALTG) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,454 shares of the company’s stock after acquiring an additional 4,747 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.24% of Alta Equipment Group worth $529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ALTG. Quest Partners LLC purchased a new position in Alta Equipment Group in the 2nd quarter worth approximately $80,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Alta Equipment Group during the 2nd quarter valued at about $89,000. SG Americas Securities LLC bought a new stake in shares of Alta Equipment Group in the third quarter worth approximately $77,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Alta Equipment Group by 37.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,795 shares of the company’s stock valued at $95,000 after purchasing an additional 3,218 shares during the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Alta Equipment Group by 17.6% during the third quarter. Harbor Capital Advisors Inc. now owns 18,543 shares of the company’s stock valued at $125,000 after purchasing an additional 2,777 shares during the period. 73.58% of the stock is currently owned by institutional investors.

Alta Equipment Group Stock Down 6.3 %

ALTG opened at $6.60 on Thursday. Alta Equipment Group Inc. has a fifty-two week low of $5.40 and a fifty-two week high of $13.67. The company has a debt-to-equity ratio of 7.45, a quick ratio of 0.43 and a current ratio of 1.35. The stock has a market cap of $219.49 million, a price-to-earnings ratio of -3.88 and a beta of 1.71. The firm’s fifty day moving average is $7.14 and its 200 day moving average is $7.52.

Alta Equipment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.057 per share. This represents a $0.23 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, November 15th. Alta Equipment Group’s dividend payout ratio is currently -12.94%.

Analysts Set New Price Targets

ALTG has been the topic of a number of research reports. Northland Capmk downgraded shares of Alta Equipment Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. Raymond James cut their price objective on shares of Alta Equipment Group from $10.00 to $9.00 and set a “market perform” rating for the company in a research report on Thursday, November 14th. Finally, Northland Securities restated a “market perform” rating and issued a $20.00 price objective (down from $30.00) on shares of Alta Equipment Group in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.75.

Insider Activity at Alta Equipment Group

In other Alta Equipment Group news, major shareholder Voss Capital, Lp sold 11,311 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $6.31, for a total transaction of $71,372.41. Following the completion of the transaction, the insider now owns 963,689 shares of the company’s stock, valued at $6,080,877.59. This represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 19.90% of the stock is owned by corporate insiders.

Alta Equipment Group Company Profile

Alta Equipment Group Inc owns and operates integrated equipment dealership platforms in the United States. It operates through three segments: Material Handling, Construction Equipment, and Master Distribution. The company operates a branch network that sells, rents, and provides parts and service support for various categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, and other construction equipment and related products.